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| HSBC Logo Image credit: hsbc.com.ph |
HSBC, the British-based banking giant, has announced it will make an all-cash sale to First Niagara of 195 retail branches in the US, mostly in upstate New York for an estimated $1 billion, as reported by international business news sites, July 31, 2011.
As reported, HSBC’s deal with First Niagara includes 183 retail branches in upstate New York, six in New York City suburbs and six in Connecticut which also includes $15 billion of deposits, $2.8 billion of loans and $4.3 billion of assets under management.
"As part of its ongoing US strategic focus on commercial and corporate banking, HSBC Bank USA remains committed to serving and further developing corporate banking relationships in Upstate New York," reportedly released by the company.
"HSBC Bank USA is pleased to be working with First Niagara on this transaction, given its strong commitment to relationship banking and its historic roots in the region."
As noted, Buffalo, New York-based First Niagara after the transaction will be larger with about 450 branches, $38 billion of assets and $30 Billion of deposits.
Report reveals that HSBC is preparing to ax between 10,000 and 15,000 jobs in 2012 as part of a drastic cost-cutting drive.
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